MEMPHIS, Tenn., Oct. 13, 2008 (GLOBE NEWSWIRE) -- On December 6, 2007 Lockridge Grindal Nauen P.L.L.P. announced the filing of a class action lawsuit against Morgan Asset Management, Inc., Morgan Keegan & Company, Inc., Regions Financial Corporation, MK Holding, Inc., PricewaterhouseCoopers LLP, and certain individuals, officers and directors associated with the above entities in the United States District Court for the Western District of Tennessee, on behalf of investors who purchased shares of the Regions Morgan Keegan Select Intermediate Bond Fund and Regions Morgan Keegan Select High Income Fund during the period from December 6, 2004 through October 3, 2007 (the "Class Period"), which Class Period may be extended up to December 6, 2007 at the time a Consolidated Amended Complaint is filed.
The lawsuit, originally captioned Richard A. Atkinson, M.D., et al. v. Morgan Asset Management, Inc., et al., Case No. 2:07-cv-02784-SHM-dkv (W.D. Tenn.), was filed by four law firms: Apperson, Crump & Maxwell, PLC; Head, Seifert & Vander Weide, P.A.; Lockridge Grindal Nauen P.L.L.P.; and Zimmerman Reed, P.L.L.P.
On February 4, 2008, an Amended Complaint was filed adding Regions Bank and two individuals as defendants and adding claims on behalf of investors who purchased shares of the Regions Morgan Keegan Select Short Term Bond Fund. The Amended Complaint asserts, among other things, that the defendants violated, or are otherwise liable under, sections 11, 12 and 15 of the federal Securities Act of 1933 and section 34(b) of the Investment Company Act of 1940 during the Class Period, as may be extended as discussed above. Plaintiffs may also add a claim under section 10(b) of the Securities Exchange Act of 1934.
Each fund had three classes of shares that it issued. Those classes are:
Regions Morgan Keegan Select Short Term Bond Fund A (MSBIX) Regions Morgan Keegan Select Short Term Bond Fund C (RSTCX) Regions Morgan Keegan Select Short Term Bond Fund I (MSTBX) Regions Morgan Keegan Select Intermediate Bond Fund A (MKIBX) Regions Morgan Keegan Select Intermediate Bond Fund C (RIBCX) Regions Morgan Keegan Select Intermediate Bond Fund I (RIBIX) Regions Morgan Keegan Select High Income Fund A (MKHIX) Regions Morgan Keegan Select High Income Fund C (RHICX) Regions Morgan Keegan Select High Income Fund I (RHIIX)
On September 23, 2008, the Federal District Court for the Western District of Tennessee entered an Order consolidating three cases brought on behalf of the shareholders in the Regions Morgan Keegan Select Short Term Bond Fund, Regions Morgan Keegan Select Intermediate Bond Fund and Regions Morgan Keegan Select High Income Fund. The cases consolidated were Richard A. Atkinson, M.D., et al. v. Morgan Asset Management, Inc., et al., Case No. 2:07-cv-02784-SHM-dkv (W.D. Tenn.), Elizabeth P. Willis, et al. v. Morgan Keegan & Co., Inc., et al., Case No. 2:07-cv-02830-SHM-dkv (W.D. Tenn.) and Larry F. and Charlotte C. Hartman v. Morgan Keegan & Co., Inc., et al., Case No. 2:08-cv-02071-SHM-dkv (W.D. Tenn.).
The District Court also ordered that the consolidated matter shall be identified as In re Regions Morgan Keegan Open-End Mutual Fund Litigation, Civil Action No. 2:07-cv-02784-SHM-dkv (W.D. Tenn). Because the District Court determined that proper notice had not previously been communicated to the shareholders of the Regions Morgan Keegan Select Short Term Bond Fund, the District Court also ordered plaintiffs to republish notice concerning the Amended Complaint, now referred to as In re Regions Morgan Keegan Open-End Mutual Fund Litigation, Civil Action No. 2:07-cv-2784-SHM-dkv (the "Class Action").
The purpose of this Notice concerning the Class Action is to inform you that if you purchased or acquired shares of any of the above classes of shares in the Regions Morgan Keegan Select Short Term Bond Fund, Regions Morgan Keegan Select Intermediate Bond Fund or Regions Morgan Keegan Select High Income Fund during the Class Period (as may be extended as discussed above), you may move the Court, no later than December 12, 2008, to be appointed Lead Plaintiff in the Class Action. Your share in any recovery will not be enhanced or diminished by your decision whether or not to serve as Lead Plaintiff.
To view a copy of the Amended Complaint, the Court's September 23, 2008 Order, or any pleading filed in Case No. 2:07-cv-2784-SHM-dkv, you may go to the Federal Court's PACER website for the U.S. District Court for the Western District of Tennessee at www.tnwd.uscourts.gov and locate the Court's Docket Report for Case No. 2:07-cv-2784-SHM-dkv to access these documents. In addition, you may go to www.mkmutualfundlitigation.com to view a copy of the Amended Complaint and the Court's September 23, 2008 Order.